Petroceltic International, the Irish oil and gas company, has risen sharply after authorities clarified new regulations on operators working in Italian waters.
In 2010 Italy introduced new laws on oil and gas drilling in response to the Gulf of Mexico disaster.
The new guidance appears to mean companies who made applications for permits before the 2010 legislation was introduced will not be subject to a 3% increase in royalty payments.
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Obviously this is good news for Petroceltic which has several offshore applications lodged.
At 10:20 the shares had risen 6.3%
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